Gabelli Funds LLC Sells 81,000 Shares of Allegheny Technologies Incorporated (NYSE:ATI)

Gabelli Funds LLC reduced its stake in shares of Allegheny Technologies Incorporated (NYSE:ATI) by 41.6% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 113,500 shares of the basic materials company’s stock after selling 81,000 shares during the period. Gabelli Funds LLC owned about 0.09% of Allegheny Technologies worth $2,298,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in ATI. First Trust Advisors LP purchased a new position in shares of Allegheny Technologies in the 1st quarter worth approximately $3,043,000. Nisa Investment Advisors LLC boosted its stake in shares of Allegheny Technologies by 35.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,830 shares of the basic materials company’s stock worth $97,000 after buying an additional 1,000 shares during the last quarter. OLD National Bancorp IN boosted its stake in shares of Allegheny Technologies by 5.8% in the 2nd quarter. OLD National Bancorp IN now owns 22,427 shares of the basic materials company’s stock worth $565,000 after buying an additional 1,232 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Allegheny Technologies by 1.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 50,955 shares of the basic materials company’s stock worth $1,284,000 after buying an additional 718 shares during the last quarter. Finally, Schneider Downs Wealth Management Advisors LP purchased a new position in shares of Allegheny Technologies in the 2nd quarter worth approximately $1,086,000.

A number of equities analysts have recently weighed in on the company. KeyCorp cut their target price on Allegheny Technologies from $33.00 to $28.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. Buckingham Research dropped their price objective on Allegheny Technologies from $27.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 25th. ValuEngine upgraded Allegheny Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Longbow Research downgraded Allegheny Technologies from a “neutral” rating to an “underperform” rating and set a $18.00 price objective on the stock. in a research note on Tuesday, October 15th. Finally, Cfra upgraded Allegheny Technologies from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $27.25.

In related news, SVP Elliot S. Davis bought 2,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were purchased at an average price of $17.53 per share, for a total transaction of $35,060.00. Following the completion of the transaction, the senior vice president now directly owns 6,530 shares in the company, valued at approximately $114,470.90. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Timothy J. Harris bought 2,900 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were bought at an average price of $17.80 per share, for a total transaction of $51,620.00. Following the transaction, the vice president now owns 26,334 shares of the company’s stock, valued at $468,745.20. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 12,400 shares of company stock worth $222,680. 1.06% of the stock is owned by company insiders.

Allegheny Technologies stock traded down $0.09 during trading on Friday, hitting $23.70. The stock had a trading volume of 1,180,497 shares, compared to its average volume of 1,599,764. Allegheny Technologies Incorporated has a 1 year low of $17.03 and a 1 year high of $29.50. The company has a quick ratio of 1.64, a current ratio of 3.17 and a debt-to-equity ratio of 0.68. The stock’s 50 day moving average is $20.67 and its two-hundred day moving average is $22.02. The stock has a market cap of $2.98 billion, a price-to-earnings ratio of 15.70, a price-to-earnings-growth ratio of 1.25 and a beta of 2.29.

Allegheny Technologies (NYSE:ATI) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.33 by $0.45. Allegheny Technologies had a return on equity of 7.38% and a net margin of 5.85%. The business had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the business earned $0.37 earnings per share. Allegheny Technologies’s revenue for the quarter was down .1% on a year-over-year basis. As a group, equities research analysts anticipate that Allegheny Technologies Incorporated will post 1.22 EPS for the current fiscal year.

Allegheny Technologies Company Profile

Allegheny Technologies Incorporated manufactures and sells specialty materials and components worldwide. The company operates through two segments, High Performance Materials & Components, and Flat-Rolled Products. The High Performance Materials & Components segment produces high performance materials, including titanium and titanium-based alloys; nickel-and cobalt-based alloys and superalloys; zirconium and related alloys, such as hafnium and niobium; powder alloys; and other specialty materials in long product forms of ingots, billets, bars, rods, wires, and shapes and rectangles, as well as seamless tubes, plus precision forgings, castings, components, and machined parts.

Further Reading: S&P 500 Index

Institutional Ownership by Quarter for Allegheny Technologies (NYSE:ATI)

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